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Exchange Fund Notes Tender Result
*********************************

Tender date                      :   June 26, 2007

Paper on offer                   :   EF Notes

Issue number                     :   10Y1706

Issue date                       :   June 27, 2007

Maturity date                    :   June 27, 2017

Coupon                           :   4.85%

Amount applied                   :   HK$2,792 MN

Amount allotted                  :   HK$800 MN

Average price accepted (yield)   :   101.03 (4.78 PCT)

Lowest price accepted (yield)    :   100.97 (4.78 PCT)

Pro rata ratio                   :   About 15 PCT

Average tender price (yield)     :   100.85 (4.80 PCT)

Ends/Tuesday, June 26, 2007
Issued at HKT 16:00

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